6th Feb 2017 07:53
LONDON (Alliance News) - BCA Marketplace PLC, the owner of the British Car Auctions used-vehicle exchange, on Monday said it has agreed a GBP500.0 million multi-currency finance package.
BCA said the financing agreement includes a GBP250.0 million term loan and a GBP250.0 million revolving credit facility. This will replace its existing GBP275.0 million term loan and GBP100.0 million revolving credit facility.
The new loan agreement has a term of four years, with an option to be extended by another 12 months by mutual consent. No further details on the terms of the loans were disclosed, nor on the lenders.
"We are delighted with the outcome of the refinancing process and the strong support from both existing and new lenders. The facilities give us the funding security to develop the business and continue to execute our strategy with confidence," said BCA Chief Financial Officer Tim Lampert.
By Sam Unsted; [email protected]; @SamUAtAlliance
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